The insurer noted that the challenging economic conditions currently playing out in SouthAfrica continue to impact its retail customers. OldMutualSA Moneyweb economy
South Africa’s second-largest insurer Old Mutual posted double-digit growth in profits, on the back of a decrease in the effect of the Covid-19 pandemic, following a high claims environment over the last few of years. Read the full Sens announcement. Old Mutual said headline earnings rose 10% to R7.9 billion for the year through December 2022, up from R7.2 billion in the previous reporting period. Headline earnings per share also increased 10% to 180.1 cents per share, compared with 163.
However, the insurer noted that the challenging economic conditions currently playing out in South Africa continue to impact its retail customers. Read: Old Mutual expects double-digit profit jump on lower mortality rates Momentum’s interim profits surge 45% as Covid-19 hits endemic phase During the period, Old Mutual managed to grow gross written premiums by 12% to R22.b billion, while growing new life insurance sales by 10% to R12.5 billion.
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